This site has morphed several times. Formerly (2005-2007) it was used to mark the progress of the Visioning Task Force of The Memorial Baptist Church, Greenville, North Carolina. It lay mostly dormant after that initiative was completed. Starting in July of 2010, it has morphed again and now has information about the CPA and technology services of C. Eugene Prescott, CPA. NC Cert# 2135

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Tuesday, March 15, 2011

Tax Breaks – Cheaper by the Dozen

CCH Points Out 12 Tax Season Benefits Homeowners Need to Know

Posted: March 10th, 2011 09:28 AM CDT

RIVERWOODS, ILL., March 9, 2011 – Owning your own home opens the door to many tax savings opportunities. CCH, a Wolters Kluwer business and the leading global provider of tax, accounting and audit information, software and services (CCHGroup.com), examines specific ways homeowners can take advantage of current income tax laws.
The rule of thumb for homeowner tax deductions is that you must file Form 1040 and any itemized deductions must be made on Schedule A (Form 1040). If you itemize you cannot take the standard tax deduction, but there are a number of tax credits and exclusions that can be taken whether or not you itemize.
“Many homeowners aren’t aware of all the tax deductions they’re entitled to take,” said Mark Luscombe, JD, LLM, CPA, and CCH Principal Federal Tax Analyst. “Taxpayers can take advantage of deductions for 2010 tax returns and may be able to file an amended return if they missed a homeowner deduction for a previous year.”
Homeowners’ 12 Steps to Potential Tax Savings